Thank you all for your replies.
I have placed it into my small, but growing collection of OR's badges (yes, I think there is a Marsh copy in here, for the eagle-eyed).
It never ceases to amaze me how some of the worst examples can be the most prized in this hobby.
There was an example, arguably in better condition than this one, that sold on Ebay recently, which I forgot to bid on and went for a few pounds as there was no reference to the maker in the description, so they are out there!
KR,
Pete.
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